For the Cash account, the category of account and its normal balance is:
A)assets and a debit balance.
B)liabilities and a credit balance.
C)liabilities and a debit balance.
D)assets and a credit balance.

Question

Quizplus · Accepted Answer

The Cash account is classified as an asset account since it represents the amount of cash or cash equivalents owned by the business. Asset accounts have a normal debit balance, meaning that debits increase the account balance and credits decrease it. Therefore, the answer is A - assets and a debit balance.

For the Cash Account, the Category of Account and Its